Bonds
ECB surprises markets with a 50bp rate hike
Central bank unveils new instrument to prevent sharp increases in sovereign bond spreads
ECB readies first hike since 2011 as it faces policy ‘trilemma’
Central bank may be forced to choose two options among price stability, fragmentation risk and market functioning
Swift gears up for innovation around digital currencies
Head of innovation at global payments messaging provider is focused on CBDCs, tokenised securities and artificial intelligence
G30 warns US Treasury market remains vulnerable
Group says US regulators need to do more to prevent dysfunction in the critical market
BIS says central banks must act ‘decisively’ on inflation
Tightening policy hard and fast may be central banks’ best shot at engineering a soft landing
Laos selects new central bank governor
Parliament elects Bounleua Sinxayvoravong as part of government reshuffle
Yen weakens further as BoJ stands by loose policy
Central bank stresses commitment to defending yield curve control despite exchange rate worries
Ten-year yield breaches BoJ target band
Central bank steps in with another purchase operation, but warns on yen weakness
MAS launches asset tokenisation and DeFi project
First pilot on bond transactions will involve state-owned firms and JP Morgan
Sovereign green bonds: the reserve portfolio’s panacea?
German, Swedish, Danish and UK debt managers speak to Victor Mendez-Barreira about ‘twin bonds’ and other efforts to solve green bond liquidity concerns
Eurosystem’s bond holdings may hamper market functioning – paper
Asset scarcity caused by Covid-19 emergency programme has lowered repo rates, researchers say
Ukrainian debt holders brace for restructure
Investors could see a 40% haircut on the bonds, though final figure will depend on complex talks
Book notes: A full-value ruble, by Kristy Ironside
Soviet experience shows MMT worked, only with far more challenges and downsides than promoters envisioned
War in Ukraine raising eurozone stability risks, says ECB
Non-bank sector vulnerable to higher interest rates, financial stability review finds
ECB paper examines eurozone bond financing
Researchers present “first comprehensive study” of rise in bond financing over last 20 years
How to stop stablecoins from hoarding precious collateral
Repo markets expert and crypto bank chief exec think Fed reserves are the right answer
Japan reinforces yield curve control
Yen falls after MPC commits to daily purchases of Japanese government bonds at 0.25% yield
Reserve managers stick to asset diversification
Higher yields not prompting central banks to abandon investments in less conventional asset classes
PBoC announces policies to help pandemic-stricken economy
Package of 23 measures echoes actions taken in 2020
Fed’s asset selloff may start in May, Brainard says
FOMC minutes show consensus for “balance sheet runoff at a coming meeting”
Is a bond market crisis imminent?
Central banks need careful action and a good dose of luck if they are to avoid financial instability
Presidential ally obtained funds from Zimbabwe central bank
RBZ exchanged Treasury bills at inflated rate as part of giveaway, investigation finds
Central bank of the year: Bank of Korea
South Korea’s central bank was the first developed-world central bank to tighten policy to address inflationary risks
Lifetime achievement: Stanley Fischer
Fischer has had a profound impact on monetary economics and central banking during his prolific career